The Comfort that is Online Banking

I hate long lines even though I've mastered falling in line since 1999 (I studied in UP where there are lines everywhere.) Patience may be a virtue, but long lines are just a waste of time when you can do other things, such as eating, sleeping, working out, reading. Though you can do all those things while lining up (working out? Hell yeah! Try standing on one foot), you have to be mindful of some people who try to sneak their way ahead of you.

With traditional banking, there's no need not to worry about sneaky people (I think they are more behave inside banks), however, I always need to fall in line (paydays are hell!) Sometimes, I have to sacrifice my lunchtime since that's the only free time that I have (closing time for most banks is 5 pm, except for BDO branches which have an extended time until 6pm.) In some cases, there are fewer tellers during lunch, which adds to longer waiting time. And for security reasons, you can't use your cellphone, even if all you want to do is to play Temple Run to pass time.

Hence, I fell in love with online banking.

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Online banking or e-banking, as defined in InvestorWords, is "a system allowing individuals to perform banking activities at home, via the internet."

Technically, I have three banks and four accounts: one in BPI where I keep my emergency fund, one in BDO where I keep our couple money (for the wedding, car, house), and two in Metrobank, one for my payroll account and one for my long-term investment account (stocks and mutual funds). They are all savings account but I don't really keep my money there ( my emergency fund are in time deposits and SDA, and some of our couple money are in UITF). More of this investment topic in later posts.

Anyway, those three banks (BPI, BDO, and Metrobank) offer similar online services. However, I like BPI better since I can also place my time deposits online (and yes, with options on roll-over or deposit to your account on maturity date).

My point is, I don't want to go in all of those banks/ATM machines just to check my balances, transfer funds, pay my credit cards and cellphone bills, and invest. I can do all that at home or in the office in less than ten minutes for all three banks. Unlike in traditional banks where you need to go to separate desks/tellers for deposits and investment placement, online banking is sort of like a one-stop shop.  Also, unlike in actual banks, you can do transactions even after office hours. So no need to rush going to the bank to beat the closing time. And most of all, it's paperless! I need not to worry where to put my previous statements.

I'm not ruling out going to the bank entirely. There are things where you really need to actually go there. Even I still go there once in a while. Besides, don't underestimate the power of being a familiar face in the bank.